3Q Earnings Could Reveal Insurers’ Plans On Layoffs, Low Rates
October 28, 2020 by John Hilton
With the economic recovery slowing, winter on the way, and a second round of COVID-19 threatening public health, insurers are staring at a prolonged downturn.
This is the backdrop as public companies produce their third-quarter earnings reports. Analysts are eager to see the bottom lines as many insurers are starting to show cracks in the economic foundation — in the form of significant employee layoffs.
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Industry intelligence guru Sheryl Moore said the layoffs could be just beginning.
“I am anticipating that this is just the beginning of the layoffs,” said Moore, president and CEO of Moore Market Intelligence. “I’ve heard about five companies and I think we could easily see 10 or 20 more companies making layoffs. And that’s really scary for the industry.”
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“I think it’s going to be a while before things rebound,” Moore said. “The one thing I am really optimistic about is that I have seen the 10-year Treasury slowly picking back up. So I’m holding on to that.”